Barclays Cuts Gates Industrial (NYSE:GTES) Price Target to $26.00

Gates Industrial (NYSE:GTES) had its price target dropped by equities research analysts at Barclays from $27.00 to $26.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 35.10% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Royal Bank of Canada boosted their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. KeyCorp boosted their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Evercore ISI raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, The Goldman Sachs Group increased their price target on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.22.

Gates Industrial Trading Down 3.0 %

Shares of NYSE GTES opened at $19.25 on Monday. The firm’s 50 day moving average price is $21.05 and its 200-day moving average price is $19.95. Gates Industrial has a 52-week low of $15.14 and a 52-week high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company has a market cap of $4.92 billion, a PE ratio of 26.36 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, equities research analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Gates Industrial

Institutional investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Gates Industrial in the fourth quarter valued at $10,033,000. Brucke Financial Inc. bought a new stake in Gates Industrial in the fourth quarter worth about $224,000. Jefferies Financial Group Inc. bought a new stake in Gates Industrial in the fourth quarter worth about $209,000. Integrated Advisors Network LLC raised its holdings in shares of Gates Industrial by 5.5% in the fourth quarter. Integrated Advisors Network LLC now owns 31,585 shares of the company’s stock worth $650,000 after buying an additional 1,633 shares during the period. Finally, Polar Asset Management Partners Inc. purchased a new stake in shares of Gates Industrial in the fourth quarter worth approximately $3,816,000. 98.50% of the stock is owned by institutional investors.

Gates Industrial Company Profile

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.